FWDI vs. BMNR

Last updated Jun 18, 2026

FWDI (Forward Industries, Inc) and BMNR (BitMine Immersion Technologies, Inc.) are both stocks. FWDI operates in Footwear & Accessories (Consumer Cyclical), while BMNR operates in Capital Markets (Financial Services). Over the past year, FWDI returned -29.04% vs 243.51% for BMNR. At a 0.49 correlation, their price movements are largely independent.

Performance

FWDI vs. BMNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Forward Industries, Inc (FWDI) and BitMine Immersion Technologies, Inc. (BMNR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FWDI achieves a -29.95% return, which is significantly higher than BMNR's -40.55% return.

FWDI

• 1D: -4.14%
• 1M: 8.94%
• YTD: -29.95%
• 6M: -33.38%
• 1Y: -29.04%
• 3Y*: -21.93%
• 5Y*: -31.18%
• 10Y*: -9.23%

BMNR

• 1D: 2.80%
• 1M: -13.37%
• YTD: -40.55%
• 6M: -43.23%
• 1Y: 243.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FWDI vs. BMNR - Yearly Performance Comparison

	2026 (YTD)	2025
FWDI Forward Industries, Inc	-29.95%	6.79%
BMNR BitMine Immersion Technologies, Inc.	-40.55%	274.59%

Correlation

The correlation between FWDI and BMNR is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.49

Fundamentals

Market Cap FWDI : $439.50M BMNR : $7.34T
EPS FWDI : -$20.47 BMNR : -$0.06
PS Ratio FWDI : 5.46 BMNR : 146.54K
PB Ratio FWDI : 0.80 BMNR : 744.32
Total Revenue (TTM) FWDI : $42.85M BMNR : $16.71M
Gross Profit (TTM) FWDI : $29.79M BMNR : $1.15M
EBITDA (TTM) FWDI : -$439.96M BMNR : -$3.62B

Return for Risk

FWDI vs. BMNR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FWDI

FWDI Risk / Return Rank: 36
FWDI Sharpe Ratio Rank: 32
FWDI Sortino Ratio Rank: 43
FWDI Omega Ratio Rank: 41
FWDI Calmar Ratio Rank: 31
FWDI Martin Ratio Rank: 35

BMNR

BMNR Risk / Return Rank: 81
BMNR Sharpe Ratio Rank: 54
BMNR Sortino Ratio Rank: 99
BMNR Omega Ratio Rank: 99
BMNR Calmar Ratio Rank: 82
BMNR Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FWDI vs. BMNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Forward Industries, Inc (FWDI) and BitMine Immersion Technologies, Inc. (BMNR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FWDI	BMNR	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	0.34	-0.58
Sortino ratio: Return per unit of downside risk	0.49	8.49	-8.00
Omega ratio: Gain probability vs. loss probability	1.05	2.01	-0.95
Calmar ratio: Return relative to maximum drawdown	-0.32	2.77	-3.10
Martin ratio: Return relative to average drawdown	-0.42	3.30	-3.72

FWDI vs. BMNR - Sharpe Ratio Comparison

The current FWDI Sharpe Ratio is -0.24, which is lower than the BMNR Sharpe Ratio of 0.34. The chart below compares the historical Sharpe Ratios of FWDI and BMNR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FWDI vs. BMNR - Drawdown Comparison

The maximum FWDI drawdown since its inception was -98.85%, which is greater than BMNR's maximum drawdown of -88.41%. Use the drawdown chart below to compare losses from any high point for FWDI and BMNR.

Drawdown Indicators

	FWDI	BMNR	Difference
Max Drawdown Largest peak-to-trough decline	-98.85%	-88.41%	-10.44%
Max Drawdown (1Y) Largest decline over 1 year	-90.54%	-88.41%	-2.13%
Max Drawdown (3Y) Largest decline over 3 years	-90.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-90.54%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-93.24%	—	—
Current Drawdown Current decline from peak	-98.39%	-88.04%	-10.35%
Average Drawdown Average peak-to-trough decline	-82.25%	-71.10%	-11.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	68.58%	74.16%	-5.58%

Volatility

FWDI vs. BMNR - Volatility Comparison

Forward Industries, Inc (FWDI) has a higher volatility of 28.01% compared to BitMine Immersion Technologies, Inc. (BMNR) at 21.78%. This indicates that FWDI's price experiences larger fluctuations and is considered to be riskier than BMNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FWDI	BMNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.01%	21.78%	+6.23%
Volatility (6M) Calculated over the trailing 6-month period	63.15%	59.76%	+3.39%
Volatility (1Y) Calculated over the trailing 1-year period	122.96%	717.33%	-594.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	86.07%	705.31%	-619.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.73%	705.31%	-614.58%

Dividends

FWDI vs. BMNR - Dividend Comparison

FWDI has not paid dividends to shareholders, while BMNR's dividend yield for the trailing twelve months is around 0.06%.

Position	TTM	2025
BMNR BitMine Immersion Technologies, Inc.	0.06%	0.04%
FWDI Forward Industries, Inc	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both FWDI and BMNR in my portfolio?

FWDI and BMNR have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FWDI or BMNR?

FWDI has higher volatility (28.01%) compared to BMNR (21.78%). In terms of maximum drawdown, FWDI dropped -98.85% vs BMNR's -88.41%.

Which has better risk-adjusted returns?

BMNR currently has the higher Sharpe Ratio (0.34 vs -0.24), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.